Flughafen Wien Company News - Cost savings & capital preservation plans, dividend omission
As a response the Covid-19 crisis Flughafen Wien published a cost savings programme today that is targeting savings of more than EUR 220 mn (~25% of the previously planned revenue for 2020 acc. to company information). Most staff are in short time work and the company announced a reduction of planned investments to a level below EUR 100 mn (RCBe capex before crisis of EUR 235 mn). Flughafen Wien will also use available state aid packages, which together with available credit lines and the savings program will secure liquidity even if the crisis should last until the end of the year.Flughafen Wien is the operator of Vienna Airport. Through its subsidiaries, Co. is engaged in managing airport operations and also provides a range of infrastructure services, which include the development and maintenance of infrastructure, ground handling and security services to a variety of retail, gastronomy and parking services as well as real estate marketing. Co. is responsible for the operation and maintenance of all movement areas and the terminals, the facilities involved in passenger and baggage handling as well as security controls for persons and hand luggage. Co. also provides services for aircraft and passenger handling in scheduled, charter and general aviation traffic.
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